Financial Management Professionals Inc. Trims Stake in Salesforce, Inc. (NYSE:CRM)

Financial Management Professionals Inc. reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 12.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 634 shares of the CRM provider’s stock after selling 88 shares during the period. Financial Management Professionals Inc.’s holdings in Salesforce were worth $134,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Quent Capital LLC lifted its holdings in shares of Salesforce by 3.3% during the 2nd quarter. Quent Capital LLC now owns 2,502 shares of the CRM provider’s stock worth $529,000 after acquiring an additional 81 shares during the last quarter. OneAscent Wealth Management LLC bought a new stake in shares of Salesforce during the 2nd quarter worth $404,000. Clarus Wealth Advisors bought a new stake in shares of Salesforce during the 2nd quarter worth $487,000. Thomasville National Bank lifted its holdings in shares of Salesforce by 0.9% during the 2nd quarter. Thomasville National Bank now owns 103,276 shares of the CRM provider’s stock worth $21,818,000 after acquiring an additional 917 shares during the last quarter. Finally, Single Point Partners LLC bought a new stake in shares of Salesforce during the 2nd quarter worth $284,000. 77.52% of the stock is owned by institutional investors.

Salesforce Trading Down 1.9 %

Shares of NYSE CRM opened at $214.61 on Friday. The firm’s 50 day moving average price is $218.24 and its 200-day moving average price is $206.41. The company has a market cap of $208.82 billion, a PE ratio of 134.97, a P/E/G ratio of 1.66 and a beta of 1.19. Salesforce, Inc. has a 52-week low of $126.34 and a 52-week high of $238.22. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.22. The firm had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The business’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, equities research analysts expect that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares in the company, valued at $501,861.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares in the company, valued at $501,861.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 1,250 shares of the stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $208.65, for a total transaction of $260,812.50. Following the transaction, the insider now owns 100,309 shares in the company, valued at approximately $20,929,472.85. The disclosure for this sale can be found here. Insiders have sold a total of 698,191 shares of company stock worth $152,203,804 over the last quarter. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRM shares. Royal Bank of Canada reissued an “outperform” rating and issued a $240.00 price target on shares of Salesforce in a research note on Friday. Needham & Company LLC reissued a “buy” rating and issued a $250.00 price target on shares of Salesforce in a research note on Friday. Oppenheimer boosted their price target on shares of Salesforce from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, August 31st. Bank of America boosted their price target on shares of Salesforce from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 31st. Finally, Wells Fargo & Company boosted their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $240.59.

Salesforce Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.